Dfeeds

I've humored the thought for a while now, but never really had the resources to do so. However, my friend just offered to sell me his 1992 Thunderbird for 300. The car isn't in the best condition but the engine itself runs just fine and it's the 5.0L 302 v8 found in the GT (I'm pretty sure it's the same, at least).

My question is, are the majority of the parts I need interchangeable of the thunderbird to the mustang? If they are, what would else would I be looking at buying and what would an overall cost estimate be (assuming the engine is in good condition)? Also, what would an estimate be on labor a mechanic would charge? This is somewhat irrelevant because my mechanic would help me undertake this project for free as long as it's on his time, but I am curious on that regard as well.

Thanks in advance and just for the record, I am new to the mechanic world. I have learned a great deal over the last couple of years and am hoping to learn a lot from this experience (if I undertake it) but as it stands my knowledge is minimal at best.